The VaaS solution will help NFT marketplaces, NFT collection creators, auction houses and other online platforms to crack down finally, on fraud, piracy and theft.
UREEQA, a leading digital validation company helping creators to protect, manage and monetize creative work, has today announced the launch of its new Validation-as-a-Service (VaaS) solution, designed to tackle NFT fraud and protect NFT creators.
Certainly, any solution will involve validating a creator’s identity. However, Ureeqa was conceived of the notion that it was as important to validate the authorship and ownership of every creation as well, a factor lacking in current NFT marketplaces, most of which focus on the ease with which creative pieces can be initialized and sold.
UREEQA’s unique platform fixes this by employing its VaaS solution to generate a Package-of-Proof(TM) and a Responsibly Minted(TM) NFT, which come together to serve as evidence that the creator and the creation have been authenticated and are legitimate.
“The initial exchange models were adopted by NFT marketplaces on the fly, hurried and so demand-focused that it enabled bad actors to take advantage of the situation,” UREEQA CEO Kirk Fergusson said. “Efforts need to be made to curb the abilities to perpetrate fraud as easily in the first place. Then, we have the answer with a patented process and blockchain-based solution that can be integrated into most NFT platforms.”
UREEQA’s revolutionary system — which has been tried and tested by renowned artists on the company’s own marketplace — is a creator-centric hybrid approach to validation and IP protection. The platform’s patented validation process enables verification via a centralized model, while generating a Package-of-Proof on the blockchain for anyone to see in decentralized fashion.
Any ETH-based NFT sales platform can integrate the core components of the UREEQA platform into their marketplace, just like that. And so too can any auction house or creator association.
Participating marketplaces can visibly delineate creations that have gone through this thorough assessment process — highlighting the extra steps that creators have taken to instill confidence amongst prospective purchasers.
“Building scalable world-class NFT marketplaces to address early adopter demand has taken considerable effort over the past year,” Fergusson added. “At UREEQA, we’ve spent the last 18 months building a validation solution designed to support creators first and foremost — and this patented technology is now available to NFT marketplaces to eradicate fraud and instill trust in the creations they’re offering through their platforms. By leveraging our VaaS solution, NFT marketplaces can quickly work to stamp out fraud while preparing their marketplaces for broader mass market adoption.”